Blog NFTs What is Rarible? A Short Guide on a OpenSea Rival

What is Rarible? A Short Guide on a OpenSea Rival

date April 28, 2022 time 5 min read 298 views

What is Rarible? Well, once you get your head around NFTs, it’s very simple. Rarible is a marketplace where you can buy and sell NFTs, virtual land, and other digital assets. It has emerged as a direct competitor to OpenSea and widely regarded as one of the world’s largest NFT marketplaces.

Introducing NFTs

A non-fungible token (NFT) is a cryptographic token that proves ownership of a digital asset using blockchain technology. To understand what NFTs mean, let’s look at the terms; tokens and fungibility. 

NFTs are quickly becoming mainstream in the world of alternative finance.
NFTs are quickly becoming mainstream in the world of alternative finance. (Source: Pixabay)

Tokens are simply cryptocurrencies of projects that don’t have their own blockchains and are built on another cryptocurrency’s blockchain. They make developing cryptocurrencies much faster, simpler, and less expensive for developers with limited resources.

Fungibility is the ability of a good or asset to be interchanged with other individual goods or assets of the same type. 

Fungible means they are interchangeable and can be divided into smaller units to form the same value, for example, dollar bills. Non-fungible means they are not interchangeable, and each of them represents a unique asset owned by a specific person—for instance, a painting. 

Non-fungible tokens turn your digital assets into one of a kind by creating a unique digital signature that defines the ownership of your assets and can be bought and sold for real money, cryptocurrency, or any other asset like a non-fungible token.

A non-fungible token has four fundamental properties:

  1. They cannot be replicated.
  2. Has the same ownership rights and guarantees as bitcoin
  3. It cannot be printed on demand.

In summary, NFTs create blockchain-based certificates that contain distinguishable information like who owns the digital asset and who sold it, making it secure, distinct, and easily verifiable. It’s more like a digital contract than a currency.

Introducing Rarible

Rarible is a blockchain-based marketplace where creators and NFT owners offer their assets up for sale. The Ethereum blockchain-based platform facilitates creating, selling, and purchasing ownership rights to digital works of art via non-fungible tokens.

Rarible is one of the leading NFT exchanges on the market.
Rarible is one of the leading NFT exchanges on the market. (Source: Rarible)

Rarible is both a marketplace for digital assets as well as a distributed network built on Ethereum that enables their trade without an intermediary. The platform stays true to the vision behind non-fungible tokens empowering artists and creators by helping them profit from selling ownership of their work while retaining copyright and reproduction rights without relying on intermediaries. 

Founded in 2020 by Alex Salnikov and Alexei Falin, the marketplace has given already established platforms like OpenSea and SuperRare a run for their money in a short while due to its innovative features and solutions. 

After raising about $16 million in venture capital from firms like CoinFund and CoinBase Ventures, Rarible has established itself as one of the most prominent marketplaces for creators and consumers to interact. It had over $273 million in trading volume and more than 2.1 million users in 2021.

A decentralized future

Even though its creators launched Rarible as a centralized platform, it aims to be the first decentralized and community-owned marketplace for NFT assets. Its creators plan to gradually decentralize it until it eventually becomes a decentralized autonomous organization (DAO) run by the Rarible community.

Rarible plans to achieve complete decentralization through its governance token, rari, which gives users the right to participate in the platform’s governance.

The rari token

With governance being a key component to making the platform a decentralized autonomous organization, Rarible introduced the rari token in 2021 to implement it. Rari is an ERC-20 governance token that grants holders the power to influence decisions and incentivize specific actions in the Rarible marketplace. 

While the road to becoming a fully decentralized autonomous organization is still a long way off, the rarible token still has its utility on the platform. 

At the moment, the utility of the rari token includes:

  1. Community voting: Rari token holders can submit and vote on proposals relating to fees, new feature requests, and the token’s use to decentralize governance.
  2. Content curation: Rari token holders also have the privilege of deciding which NFTs are showcased and featured, thereby increasing the visibility and sales of those NFTs.

It’s important to note that the community voting power is currently non-binding, as the core team still has the final say over all decisions. Rarible’s goal is to eventually transfer power to a software-based system controlled by the community. 

Voting rights enable the community to shape the platform’s future. The rari token’s rights may involve things like marketplace token distribution to token holders when Rarible fully transitions into a decentralized autonomous organization (DAO).

How to use Rarible

Getting started

Users love Rarible for its ease of use and simplicity. To get started on Rarible, all you need is to create an account with a cryptocurrency wallet for the blockchain of your choice.

It’s as simple as:

  1. Signing up to create your account.
  2. Link your wallet that supports any of the three blockchains Rarible operates on; Ethereum, Tezos, or Flow.
  3. Agree to Rarible’s terms and conditions.

Voila! You can now create, buy, and sell NFTs in the Rarible marketplace.

Depending on your blockchain of choice, some popular wallets you can choose from include Metamask, Torus, CoinBase Wallet, Blocto, Spire, and Temple Wallet.

Minting your NFT

NFT minting is the process of taking a digital asset and converting the digital file into a digital asset stored on the blockchain. Minting your first NFT is a straightforward process:

  1. Click the “Create” button.
  2. Choose which blockchain to mint on. Each blockchain has its pros and cons, so do your research before deciding.
  3. Choose whether you want to mint a unique NFT or multiple NFTs of the same work. Acceptable file types include PNG, GIF, WEBP, and MP4.
  4. Add the title, description, and type of sale of the NFT.
  5. Set your royalty. The percentage you will automatically earn on future sales when a collector resells your NFT.
  6. Indicate if you want to pay the gas fees associated with minting your NFT or mint it for free.

If you decide to go with the free option, the first buyer of your NFT will pay the gas fee. This increase in price can potentially discourage participation in your project.

Rarible’s colorful future

Some well-loved features that have positioned Rarible for total domination of the NFT space include its:

  • Ease of use
  • Flexible blockchain options
  • Flexible minting fee options
  • Integration with OpenSea; giving users access to the most popular NFT marketplace
  • Enticing royalty initiative for creators
  • Plans to become a fully decentralized autonomous organization (DAO)

Rarible is a platform to keep an eye on, and holders of the rari token believe could potentially skyrocket.

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